HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Shriram Finance Ltd.
NSE: SHRIRAMFINFinancial ServicesCredit Services
- Last close
- ₹823.15
- Day change
- −₹17.95 (−2.13%)vs
- Market cap
- ₹1.94 lakh crIndian rupees
- Research updated
- 3 reports
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About Shriram Finance
Shriram Finance Ltd. serves as a prominent financial company, mainly focusing on offering a wide array of lending solutions. The company specializes in asset-backed financing, providing loans for vehicles like commercial transit, passenger cars, and construction equipment. It plays a crucial role in the non-banking financial sector in India, catering to entrepreneurs and individual borrowers who require customized loan products. Shriram Finance Ltd. extends its services to various industrial sectors, including agriculture, transport, and infrastructure development, particularly targeting the rural and semi-urban markets. This approach helps bridge the finance availability gap outside metropolitan regions, fostering economic growth. With a strong network of branches across the country, Shriram Finance has access to a vast clientele, strengthening its presence in the financial markets. As part of the Shriram Group, it benefits from a legacy of financial expertise, which enhances its operational efficiency and market credibility, playing a pivotal role in financing solutions tailored to community development and support for small businesses.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: SHRIRAMFIN
- Chief executive
- Mr. Parag Sharma
- Employees
- 78,902
- Headquarters
- Mumbai, India
- ISIN
- INE721A01047
- Website
- shriramfinance.in
Public research · Report of
Business model & financial foundation
Shriram Finance (NSE: SHRIRAMFIN), NBFC - retail asset finance (commercial vehicles, passenger vehicles, MSME, gold, personal loans): revenue of ₹48,133 crore in FY26 (+15.1% on FY25) and net profit of ₹10,024 crore.
- Revenue, FY26 (₹ crore)
- 48,133
- consolidated
- Revenue growth, FY26
- +15.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 10,024
- to owners
- Return on equity, FY26
- 16.4%
- on average equity
- Market capitalisation (₹ crore)
- 2,03,542
- at the close of 26 Oct 2026
Company profile
Shriram Finance is India's largest retail asset-finance NBFC by AUM after Bajaj Finance, with AUM of Rs 3,29,022 crore at 30 Sep 2026, 47% in commercial vehicles (largely pre-owned) and the rest in passenger vehicles, MSME, two-wheelers, gold, personal loans, construction and farm equipment. It serves 105.7 lakh customers through 3,225 branches, mostly semi-urban and rural, and is a deposit-taking upper-layer NBFC. MUFG Bank bought a 20% stake via a Rs 39,618 crore preferential issue in April 2026.
| Item | Value |
|---|---|
| Legal name | Shriram Finance Limited (formerly Shriram Transport Finance Company Limited) |
| Exchange and ticker | NSE: SHRIRAMFIN; BSE: 511218 |
| ISIN | INE721A01047 |
| CIN | L65191TN1979PLC007874 |
| Sector | Financial Services |
| Industry | NBFC - retail asset finance (commercial vehicles, passenger vehicles, MSME, gold, personal loans) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | G. D. Apte & Co. and M M Nissim & Co LLP (joint statutory auditors) (since 2024) |
| Market capitalisation | ₹2,03,542 crore (26 Oct 2026) |
| Shares outstanding | 188.16 crore shares (FY26) |
| Price | ₹865.0 (close, 26 Oct 2026) |
| 52-week range | ₹710.3 - ₹1,154 (to 26 Oct 2026) |
| Website | https://www.shriramfinance.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Shriram Overseas Investments Private Limited | 100% | Overseas investment holding subsidiary |
| Shriram Automall India Limited | 44.56% | Associate: pre-owned vehicle auction and marketplace |
Shriram Housing Finance was sold to Warburg Pincus in FY25 (exceptional gain in Q3FY25). MUFG Bank holds 20% (allotted 8 Apr 2026) as a public shareholder; the Shriram promoter group holds 20.30% (Sep 2026).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 25.38% | 25.38% | 20.30% | 20.30% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 47.22% | 45.15% | 54.77% | 55.65% |
| Domestic institutions | 21.30% | 23.29% | 19.90% | 19.01% |
| of which mutual funds | 14.39% | 16.34% | 13.81% | 13.11% |
| Retail | 4.40% | 4.52% | 3.71% | 3.70% |
| Other | 1.70% | 1.66% | 1.33% | 1.34% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Shriram Finance lends primarily to self-employed, semi-urban and rural borrowers. Commercial vehicles were INR153,030 cr (46.5% of Sep-2026 INR329,022 cr AUM), passenger vehicles INR71,542 cr and MSME INR46,184 cr; gold was INR8,974 cr and grew 68% YoY. It reported 3,225 branches, 82,292 employees and 105.7 lakh customers. Deposits were INR73,600 cr (31% of borrowings). MUFG subscribed INR39,617.98 cr at INR840.93 per share for 20% in Apr-2026.
| Peer | Why the dossier compares them |
|---|---|
| Cholamandalam Investment and Finance (CHOLAFIN) | Largest listed vehicle-finance led NBFC peer with MSME/home loans |
| Mahindra & Mahindra Financial Services (M&MFIN) | Rural vehicle and tractor finance NBFC |
| Sundaram Finance (SUNDARMFIN) | CV/vehicle finance NBFC with long record of asset quality |
| Bajaj Finance (BAJFINANCE) | |
| Muthoot Finance (MUTHOOTFIN) | Gold loan leader; Shriram's fastest-growing product |
| L&T Finance (LTF) | Diversified retail NBFC (two-wheeler, farm, MSME) |
| Poonawalla Fincorp (POONAWALLA) | Retail/MSME NBFC peer in growth phase |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 36,380 | 41,834 | 48,133 | ||
| Other operating costs (vendor classification) * | 848.0 | 1,581 | 1,829 | 2,216 | 2,539 |
| Profit before tax | 3,549 | 8,214 | 9,960 | 12,503 | 13,300 |
| Tax expense | 841.3 | 2,202 | 2,569 | 3,080 | 3,296 |
| Profit after tax | 2,721 | 6,020 | 7,399 | 9,576 | 10,024 |
| Diluted EPS (Rs, FV Rs 2) (₹) | 20.45 | 31.97 | 39.14 | 50.75 | 53.25 |
| Interest income | 34,698 | 40,308 | 46,658 | ||
| Fees and commission income | 681.9 | 493.9 | |||
| Finance costs | 15,522 | 18,455 | 21,521 | ||
| Net interest income | 19,177 | 21,853 | 25,137 | ||
| Fee and other income | 1,715 | 1,552 | 1,535 | ||
| Employee benefit expenses | 3,472 | 3,651 | 4,131 | ||
| Depreciation and amortisation | 587.6 | 645.3 | 698.9 | ||
| Operating expenses | 6,379 | 7,144 | 8,032 | ||
| Pre-provision operating profit | 14,513 | 16,261 | 18,639 | ||
| Impairment on financial instruments | 4,552 | 5,312 | 5,339 | ||
| Exceptional items | 0.00 | 1,554 | 0.00 | ||
| Share of profit of associates | 7.78 | 12.3 | 20.5 | ||
| Non-controlling interests | 32.5 | 22.5 | -0.01 | ||
| Profit attributable to owners | 7,366 | 9,554 | 10,024 | ||
| Basic EPS (Rs, FV Rs 2) (₹) | 39.26 | 50.82 | 53.29 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 26,094 | 43,800 | 48,947 | 56,470 | 65,919 |
| Borrowings (debt securities + other borrowings + subordinated) | 92,919 | 1,28,689 | 1,51,052 | 1,78,111 | 1,81,212 |
| Cash and cash equivalents | 10,681 | 5,746 | |||
| Trade payables * | 166.9 | 349.2 | 269.0 | 557.1 | 533.0 |
| Property, plant and equipment | 1,026 | 1,109 | |||
| Capital work in progress * | 11.1 | 13.0 | |||
| Total assets | 2,48,266 | 2,93,722 | 3,21,375 | ||
| Loans (net) | 2,18,696 | 2,45,393 | 2,82,452 | ||
| Deposits | 44,444 | 56,086 | 69,480 | ||
| Investments | 15,788 | 14,993 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -43,652 | -13,281 | |||
| Free cash flow (vendor definition) * | -8,895 | -17,822 | -31,367 | -43,906 | -13,478 |
| Dividends paid (an outflow is negative) | -851.8 | -562.8 | -1,875 | -1,859 | -1,465 |
| Capital expenditure (an outflow is negative) | -254.6 | -196.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 133.10 | 187.20 | 187.60 | 188.04 | 188.16 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 11,454 | 11,536 | 11,912 | 12,171 | 12,513 | 13,400 | 13,792 | |
| Other operating costs (vendor classification) * | 582.6 | 654.1 | 657.1 | 645.0 | 640.8 | 680.1 | ||
| Profit before tax | 4,313 | 2,772 | 2,906 | 3,113 | 3,364 | 3,917 | 4,626 | 4,932 |
| Tax expense | 1,081 | 632.6 | 751.0 | 803.2 | 839.5 | 902.3 | 1,178 | 1,255 |
| Profit after tax | 3,249 | 2,144 | 2,159 | 2,314 | 2,530 | 3,021 | 3,453 | 3,684 |
| Diluted EPS (₹) | 17.25 | 11.39 | 11.47 | 12.29 | 13.44 | 16.05 | 14.85 | 15.66 |
| Depreciation and amortisation | 171.1 | 173.1 | 174.5 | 176.6 | 174.7 | 182.8 | 179.9 | |
| Interest income | 10,790 | 11,174 | 11,551 | 11,839 | 12,094 | 12,916 | 13,386 | |
| Fees and commission income | 330.6 | 99.6 | 109.7 | 137.0 | 147.6 | 127.4 | 146.5 | |
| Finance cost | 5,224 | 5,401 | 5,525 | 5,259 | 5,336 | 5,204 | 4,965 | |
| Net interest income | 5,566 | 5,773 | 6,027 | 6,580 | 6,758 | 7,712 | 8,421 | |
| Fee and other income (total income less interest income) | 670.7 | 368.9 | 369.9 | 357.3 | 438.8 | 502.5 | 416.0 | |
| Employee benefit expense | 905.7 | 977.4 | 945.3 | 1,238 | 969.6 | 1,144 | 1,085 | |
| Operating expenses (all but finance costs and impairment) | 1,901 | 1,950 | 1,950 | 2,263 | 1,869 | 2,125 | 2,027 | |
| Operating profit before impairment | 4,335 | 4,192 | 4,446 | 4,674 | 5,327 | 6,089 | 6,810 | |
| Impairment on financial instruments | 1,563 | 1,286 | 1,333 | 1,310 | 1,410 | 1,463 | 1,877 | |
| Share of associates and joint ventures | 4.38 | 4.19 | 4.41 | 5.67 | 6.23 | 5.51 | 6.47 | |
| Non-controlling interests' share of profit | 0.00 | -0.01 | -0.01 | 0.00 | 0.01 | 0.00 | 0.00 | |
| Profit attributable to owners | 2,144 | 2,159 | 2,314 | 2,530 | 3,021 | 3,453 | 3,684 | |
| Basic EPS (₹) | 11.40 | 11.48 | 12.30 | 13.45 | 16.06 | 14.86 | 15.66 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.0% | 15.1% | |||
| Net margin | 20.2% | 22.8% | 20.8% | ||
| Return on equity | 15.9% | 18.1% | 16.4% | ||
| Return on assets | 3.0% | 3.5% | 3.3% | ||
| Dividend payout | 25.5% | 19.5% | 14.6% | ||
| EPS, diluted (₹) | 20.45 | 31.97 | 39.14 | 50.75 | 53.25 |
| Book value per share (₹) | 196.1 | 234.0 | 260.9 | 300.3 | 350.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (Rs, FV Rs 2)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 26 Oct 2026); market data at the close of 26 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Shriram Finance includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Shriram Finance
- Research reportLatest
- Research report
- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 26 Oct 2026; page updated 2 Nov 2026.
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